PAY.ON Senior Vice President Product Wolfgang Berner discusses with The Paypers how open API technology is transforming payments.
Following is a brief extract of the full interview:
The Paypers: Payment providers face more challenges than ever, including fast innovation cycles, commoditization of payments, reduced margins, and market consolidation. Given all these pressures, how can payment providers still innovate?
Wolfgang Berner: Application Programming Interfaces (APIs) are used throughout the web and mobile, and this ‘API-ization’ is now evident in payments. Making source code open and available to developers, who can tap into the technology to build their own features and applications, has proved to be an effective way of balancing the need to innovate with the bottom line of the business.
Modular open architecture gives developers the tools they need to create value-added services around the underlying platform, reducing development bottlenecks, and creating differentiation for specific markets and verticals. Another way of looking at it, is that it is the challenges that are facing payment providers that drive the innovation.
The Paypers: What is PAY.ON doing specifically to address this need to innovate and save costs at the same time?
WB: Everything that we do at PAY.ON is with the goal of putting industry-best technology in the hands of payment providers, and by extension their merchants. This is why we have launched our Open Payment Platform. PAY.ON’s white label modular gateway solutions are tailored to meet the specific needs of every business, and the addition of Open Payment Platform across all of these solutions enables both cost saving and innovation, and reflects our commitment to delivering state-of-the-art payment technology to our partners.
The beauty of our Open Payment Platform is that everything is available through one unified API, including transaction processing, reporting, administration, and open merchant dashboard. This means one single integration point for our clients, so that we offer ultimate simplicity alongside the flexibility that is expected with open APIs.
Simplified integration processes are critical in a consolidating market, where speed is all important. With automated merchant onboarding our partners can onboard more merchants, faster, while the single integration point reduces set-up, certification, and ongoing costs.
The idea behind making our platform ‘open’ was to provide our partners – including payment service providers, independent sales organizations and acquirers – with a toolkit to give their merchants the best possible service. Because merchants need to start selling quickly, simple integration and ‘self-service’ options connect them rapidly to our extensive global network of local and international acquirers, as well as the alternative payment methods needed to reach new markets.
Read the full interview now on www.thepaypers.com.
Contact our team if you’re seeking expert advice on open payment technologies and how PAY.ON’s Open Payment Platform reduces technical complexity, simplifies integration, and removes bottlenecks to business growth.